COMCAST CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934 (Amendment No. )

Comcast Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Notice of 2025 Annual Meeting of Shareholders and Proxy Statement

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This proxy statement includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results and statements regarding our corporate responsibility initiatives, progress, plans and goals, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Factors that could cause our actual results to differ materially from these forward-looking statements include changes in and/or risks associated with: the competitive environment; consumer behavior; the advertising market; consumer acceptance of our content; programming costs; key distribution and/or licensing agreements; use and protection of our intellectual property; our reliance on third-party hardware, software and operational support; keeping pace with technological developments; cyber attacks, security breaches or technology disruptions; weak economic conditions; acquisitions and strategic initiatives; operating businesses internationally; natural disasters, severe weather-related and other uncontrollable events; loss of key personnel; labor disputes; laws and regulations; adverse decisions in litigation or governmental investigations; and other risks described from time to time in reports and other documents we file with the Securities and Exchange Commission (“SEC”). There are also certain risks and challenges we may face in meeting our environmental goals that are beyond our control, including political, economic, regulatory and geopolitical conditions, supply chain and labor issues, supplier emissions reductions, the evolution of carbon offset markets and innovations in technology and infrastructure.

In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and other reports filed with the SEC. The inclusion of forward-looking and other statements in this proxy statement or on our website that may address our corporate responsibility initiatives, progress, plans and goals is not an indication that they are necessarily material to investors or required to be disclosed in our filings with the SEC. Such statements may contain estimates, make assumptions based on developing standards that may change and provide aspirational goals and commitments that are not intended to be promises or guarantees. Readers are cautioned not to place undue reliance on forward-looking statements or such other statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking or such other statements, whether because of new information, future events or otherwise.

2025 Proxy Statement** 1**

Message from Our Chairman and CEO and Our Lead Independent Director

Dear Shareholders,

We are proud to report that 2024 was once again a record year for Comcast. We delivered some of the best financial results in our history, returned $13.5 billion of capital to shareholders and raised our dividend for the 17 thconsecutive time.

Despite rapid change and intense competition, our continued financial performance and strong balance sheet is a testament to the strength of our six growth businesses – residential broadband, wireless, business services, theme parks, streaming and studios – which together make up close to 60 percent of our total revenue.

Our connectivity businesses grew revenue, reflecting growth in domestic broadband, domestic wireless, international connectivity and business services. We expanded our network to reach 64 million homes and businesses and ended the year with nearly 32 million broadband customers and nearly eight million wireless lines in the United States. With our Project Genesis, we continued to drive our broadband network upgrade, which is approximately 50% complete, that will ultimately deliver multi-gigabit symmetrical speeds across our footprint. We will also seek to leverage our WiFi network – the largest and fastest in North America – to accelerate growth in wireless and further differentiate our converged offerings, which combine our broadband and mobile capabilities. Finally, business services generated nearly $10 billion in revenue in 2024 with very healthy margins.

Meanwhile, our entertainment businesses also had a solid year – from the Paris Olympic Games as the largest media event of all time to our 11-year partnership with the NBA and WNBA, bringing basketball back to NBC and onto Peacock. At the same time, our studios demonstrated their strength in both film and television, with box office success forWickedand*Despicable Me 4,*and our TV studio ended 2024 with more top 10 series than any other studio. Our theme park business continues to be a standout, with a pipeline of exciting new attractions and parks coming soon, including the much-anticipated opening of Epic Universe this year.

We have a wonderful company that was built on a founding principle to lean into change and constantly focus on growth. Across our businesses, we have announced strategic and organizational changes in seeking to better position us as we compete in an evolving market and position ourselves for the future.

As always, we remain grateful to the stewardship of our Board, who provide invaluable insight and leadership, as well as our passionate employees around the world who propel our company forward every day. We appreciate your continued trust and support.

Sincerely,

2****2025 Proxy Statement

Notice of 2025 Annual Meeting of Shareholders of Comcast Corporation

Only shareholders of record on April 8, 2025 may vote and participate during the meeting. If the meeting is adjourned because a quorum is not present, then shareholders who attend the reconvened meeting will constitute a quorum for the purpose of acting upon the matters presented at that meeting pursuant to the rules described in “Information about Stock Ownership – Outstanding Shares and Voting Rights” in the attached proxy statement.

The Notice of Internet Availability of Proxy Materials is being mailed, and the attached proxy statement is being made available, to our shareholders beginning on or about April 25, 2025.

Your vote is important. Please vote your shares promptly. To vote your shares, you can:

April 25, 2025

Thomas J. Reid

Secretary

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to Be Held on June 18, 2025: Our proxy statement and our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are available at www.proxyvote.com.

2025 Proxy Statement** 3**